July 28 (Reuters) - Tin producer Metals X Ltd MLX.AX said on Tuesday it has secured a A$26 million ($18.6 million) loan from its top shareholder to pay back a facility from Citibank.The loan from a unit of APAC Resources 1104.HK will be used to repay Citibank's A$30.5 million facility plus interest.Last week, the New York-based bank had accepted the Perth-based miner's proposal to resolve two financial covenant breaches.The tin miner and APAC had been embroiled in a dispute that impeded Metals X's ability to repay debt and drove it to put its copper portfolio up for sale.
APAC's loan till Jan. 31, 2021 comes with a 3.5% fee and is at 1% interest per year.
MLX Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
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